Apple Begrudgingly Agrees To Pay Ireland $20 Billion In Back Taxes

06 December, 2017, 00:18 | Author: Regina Lloyd

The Ireland Department of Finance announced it has reached an agreement with Apple Inc.to put almost $15 billion in escrow while its dispute with the European Commission over alleged unpaid taxes proceeds through the courts.

As a result of both parties contesting the ruling, the matter is now awaiting a European Court of Justice decision, and the money will be paid into the escrow account in the interim.

According to Wall Street Journal, Irish Finance Minister Paschal Donohoe said on Monday that both sides agreed to the terms of an escrow fund for the money.

The European Commission had ordered Ireland to collect the money after concluding that two Irish tax rulings allowed Apple to pay less tax than other businesses - thus giving them an unfair advantage. According to the EU, the tax deal allowed Apple to pay nearly nothing in tax on its European profits between 2003 and 2014.

KitGuru Says: Apple may start setting the money for this aside soon, but it seems clear that it still wants to get out of it.

The government have come to an agreement with Apple for the contested €13 billion tax bill that the company was ordered to pay Ireland.

Pending the European Court of Justice decision, Ireland was told to hold the disputed tax in an independently managed escrow account.

Apple believes that the ruling will be overturned in time and that it's acted in accordance with the law. "We remain confident the General Court of the European Union will overturn the Commission's decision once it has reviewed all the evidence".

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